The siblings have penned the script from Alan Moore's graphic novel of the same name and will produce with Joel Silver for Warner Bros.
The Wachowskis' longtime first assistant director James McTeigue will make his helming debut on the pic, which will star Natalie Portman.
The film will be shot at Babelsberg Studios in Potsdam, outside Berlin.
V for Vendetta was released March 17th, 2006 and stars Natalie Portman, Hugo Weaving, Stephen Rea, Stephen Fry, John Hurt, Tim Pigott-Smith, Rupert Graves, Roger Allam. The film is directed by James McTeigue.